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Choctaw Plaza

111 Racetrack Rd NW | Fort Walton Beach, FL 32547

Highlights

  • 93,650-Square-Foot Big Lots Anchored Shopping Center

  • Located on One of the Busiest Roads in Fort Walton Beach – 28,500 Cars Per Day

  • Directly Across the Street from Choctawhatchee High School – Over 1,600 Students

  • Attractive Mix of Long- and Short-Term Leases with Staggered Expirations

  • Close Proximity to Eglin Air Force Base- Over 4,500 Military Personnel & 8,000 Residents

  • National Tenants Include Big Lots, Dollar General, Rent-A-Center, Little Caesar’s Pizza, Coldwell Banker, General Services Administration, Department of Agriculture and Consumer Services, and Department of Juvenile Justice

Contact Brokers

James Medefind

First Vice President Investments

James.Medefind@MarcusMillichap.com

(C) 850-228-9400

(O) 813-387-4788

FL #SL3216834

Cory Gross

Vice President Investments

Director, National Retail Group

cory.gross@marcusmillichap.com
(C) 518.852.4137
(O) 303.328.2019
(F) 303.328.2010
CO #FA100038277

Description

Marcus & Millichap is pleased to exclusively offer for sale Choctaw Plaza, a Big Lots anchored 93,650-square-foot shopping center located in Fort Walton Beach, FL. The subject property is 89 percent leased with an attractive mix of national and local tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice, the Department of Juvenile Justice, and the General Services Administration (United States Government). With Big Lots expiring in 2024, and staggered lease expirations for the remaining tenants, an investor can expect to realize a stable, long-term cash flow stream. In addition to providing an attractive in place cash-flow, investors will have the opportunity to add significant value by leasing the four remaining vacant units totaling 10,608 square feet. The surrounding market has a vacancy rate of just 2.4 percent, which makes Choctaw Plaza the perfect opportunity for an investor to capitalize on the markets high demand for retail space.

 

Choctaw Plaza is located on a busy signalized intersection at Racetrack Rd. and Auburn Rd., with exposure to over 30,000 vehicles per day. Racetrack Road is also home to many national retailers and restaurants such as Publix, Pizza Hut, Domino's Pizza, Advance Auto Parts, O'Reilly Auto Parts, Maaco Collision Repair, Wells Fargo Bank, Tropical Smoothie Cafe, Wendy's, Burger King, Waffle House, and Walgreen's.

The subject property benefits from being located directly across the street from Choctawhatchee High School. With over 1,600 students enrolled, it is the only school in Okaloosa County to offer the International Baccalaureate Diploma Program. Choctaw Plaza is also a mere 10 minutes from Eglin Air Force Base, which employs over 8,500 civilians, 4,500 military personnel, and has over 8,000 residents. The abundance of retail and on Racetrack Road make it a convenient destination for both military and civilians that work or live in the community.

Location

Fort Walton Beach is located between Pensacola and Panama City along north Florida's Gulf Coast, and has a population that is more than eight times as dense as the Florida average. Visitors are attracted to Fort Walton Beach for its white sand beaches and calm emerald waters. Other attractions include golf courses, family- friendly resorts, parks, museums, and aquariums.